Aura Minerals Inc. (TSX: ORA, B3: AURA33, OTCQX: ORAAF) has announced the successful commencement of production ramp-up at its Borborema Mine in Brazil. The mine and plant are operational, with commercial production anticipated by the third quarter of 2025. This milestone marks a significant step in Aura’s growth strategy and positions Borborema as a key contributor to the company’s portfolio.
Borborema is expected to become Aura’s second-highest gold producer among its five operational mines. Located in Currais Novos, northeast Brazil, the open-pit gold mine is projected to produce 748,000 ounces of gold over an 11.3-year mine life. For 2025, production guidance is set between 33,000 and 40,000 ounces of gold, with average annual production reaching 83,000 ounces during the first three years.
The project was completed on schedule and within budget in just 19 months, a testament to Aura’s efficient project execution. Rodrigo Barbosa, Aura’s CEO, described the achievement as a reflection of the company’s strategy to develop simple and scalable mining operations. “Borborema represents our fifth mining operation and second greenfield project. It is projected to be one of our lowest cost mines and showcases our ability to deliver projects efficiently,” Barbosa stated.
The Borborema project demonstrates strong economic potential with an impressive after-tax internal rate of return (IRR) of 41.8% unleveraged, which increases to 81.4% when leveraged at 50%, based on a gold price of $2,600 per ounce. The project boasts a life-of-mine (LOM) of 11 years, derived from its proven and probable reserves. Furthermore, Borborema’s resource potential is substantial, with the deposit containing over 2 million ounces of gold in the Indicated Mineral Resource category, highlighting the project’s robust economic fundamentals and long-term viability.
Aura also sees significant upside potential from future reserve growth, particularly after the planned relocation of a nearby road that could unlock additional resources.
Borborema sets a benchmark for environmental, social, and governance (ESG) practices. The mine incorporates innovative solutions such as using grey water from a nearby municipality and renewable energy sources. These measures align with Aura’s “360° Mining” philosophy, which emphasizes holistic benefits for stakeholders, including employees, communities, and shareholders.
The project currently employs approximately 2,184 personnel directly and indirectly, with 68% of hires coming from local communities. Aura has also concluded operator training programs aimed at building a skilled local workforce for plant operations.
Beyond its economic contributions, Borborema is fostering regional development by encouraging entrepreneurship and supporting local hiring initiatives. Barbosa highlighted this commitment: “Our efforts are not just about mining; they are about creating opportunities for communities to thrive alongside our operations.”
Aura Minerals operates five mines across the Americas: Aranzazu in Mexico; Apoena, Almas, and Borborema in Brazil; and Minosa (San Andres) in Honduras. The company also has development projects in Guatemala and Brazil and owns over 630,000 hectares of mineral rights with significant exploration potential.
The successful ramp-up at Borborema underscores Aura’s ability to deliver on its strategic objectives while maintaining high standards for operational efficiency and ESG performance. With commercial production on track for later this year, Borborema is set to play a pivotal role in Aura’s continued growth trajectory.
